Critical Illness Insurance

Getting seriously ill, or sustaining a life changing injury, isn’t something anyone likes to think about. However, it is something you need to consider if you want to protect against the financial impact that can arise from a medical issue. For example, if you were to have a heart attack, you may need to retire early. Or, if you were to require treatment for cancer, you may need to take an extended amount of time off work.

Critical illness insurance is designed to pay out a lump sum upon being diagnosed with a covered illness, condition or disability. This could be used to pay regular bills, such as car or mortgage payments, or be saved for the future. Critical illness cover is often included as part of a life insurance policy, but can be taken our separately.

What is critical illness insurance? How does it differ from life insurance? 

Critical illness insurance pays out a lump sump if you are diagnosed with an insured illness or condition. The cover is usually added to life insurance policies (level term and mortgage protection), but can be bought independently. Many plans cover in excess of 40 serious illnesses, including; several types of cancer, a heart attack, stroke, and multiple sclerosis.

Life insurance pays out upon death, whereas critical illness cover pays out upon diagnosis of an insured condition. This is why both policies are often sold as a dual policy. They insure different events, but both protect against financial difficulties.

Why do I need critical illness  insurance?

The reason most people buy critical illness cover, or include it within their life insurance, is to replace the income lost if they were unable to work. This could either be permanently or for an extended period. Unfortunately, regardless of the condition you are in, there is little release from mortgage, credit card or car payments.

If you consider the fact you are 4-5 times more likely to contract a critical illness than die before the age of 65, and the protection the cover gives your family, the reasons many choose to take out critical illness cover become obvious.

Mortgages or rental costs.

Bills or regular payments.

Credit card debts.

Dependents future.

Car loans or finance.

How much does critical illness insurance cost?

Critical illness insurance policies can start from as little as £5 a month. As with most insurance policies, your premiums will depend on a range of factors, including your age, health, whether you smoke, as well as the range of conditions you want covered. The easiest way to find out is to discuss what you want from your policy with our team.

Freedom to Insure have over 10 years of experience and access to the whole of the UK life and critical illness insurance market, unlike other brokers. Rather than using a handful of insurers, or being directly affiliated to one, we will look at policies from across the country. Fill in the quick and easy form below and one of our experts will contact you. Alternatively, give us a call on 0800 288 9151, or visit our contact page.

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